The Victorians have been credited with creating the term middle class, but it has now become a global phenomenon and by 2030 most of them will be living in Asia, new research has found. Over the next two decades the middle class is expected to expand by another three billion and two thirds will be residents of the Asia Pacific region, while Europe’s share of this population will have dropped by 14% according to a new report from Ernst & Young.
In Victorian Britain you were regarded as middle class if you employed a servant, now the definition is someone earning between US$10 and US$100 a day. According to the report, produced in collaboration with the SKOLKOVO Institute for Emerging Markets Studies, at this earning level consumers start having the kind of disposable incomes that will allow them to buy cars, televisions and other goods. [click to continue…]
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